Citi | Investor Relations

Barclays Global Financial Services Conference

September 14, 2020

Mark Mason Chief Financial Officer Agenda

• Right sized client-centric balance sheet Operating • Capital and liquidity positions well above regulatory minimums from a position of strength • Target client strategy and disciplined firm-wide risk appetite framework • Operational resiliency with flexibility to shift resources across global footprint

• Preparing for a range of scenarios as crisis continues to unfold Well positioned to • Refining our strategy, while serving as partner of choice and supporting respond to today’s clients through this crisis environment • Investing for the future – and at scale – funded by productivity saves

• Focusing on creating industry-leading risk and control environment Risk & control environment is a • Investing in technology, changing our organizational structure and strategic priority shifting our mindset to improve safety and soundness, as well as serve our clients better and win new business

2 Entered this Crisis in a Position of Strength

2009 2019

Balance $1.9T $2.0T Right sized and strong balance sheet Sheet

Robust capital: CET1 Capital Ratio of Common Equity $104B $138B 11.8% at year-end; ~180bps and ~$21B Tier 1(1) (B1) (B3) of capital above binding requirement

High Quality Ample liquidity: 115% US Liquidity $402B $438B Liquid Assets(2) Coverage Ratio at year-end

Target Client Full credit Segment-led Sharpened focus: high credit quality Focus spectrum approach consumers and multi-national corporates

Risk Disciplined firm-wide risk appetite Fragmented Firm-wide Framework framework

Transformed financial position and a continued focus on the power of our global network

Note: As of year-end 2009 and 2019. (1) CET1 capital based on regulatory framework as of December 31, 2009 (Basel I), compared to CET1 capital as of December 31, 2019 under the final U.S. Basel III rules. For additional information, please refer to Slide 13. 3 (2) HQLA in 2009 represents unencumbered aggregate liquidity resources, including balances of unencumbered cash at major central banks as well as unencumbered highly liquid securities. YTD Results – Benefit of Diversified, Integrated Model ($MM, except EPS) 1H'20 1H'19 % Revenues $40,497 $37,334 8%  Institutional Clients Group 24,621 20,073 23%  Global Consumer Bank 15,513 16,223 (4)% Operating Expenses 21,009 21,084 (0)% Efficiency Ratio 51.9% 56.5% Operating Margin 19,488 16,250 20%

Net Credit Losses 4,314 3,911 10% Net ACL Build / (Release)(1) 10,496 131 NM Other Provisions(2) 120 31 NM Credit Costs 14,930 4,073 NM EBT 4,558 12,177 (63)% Income Taxes 707 2,648 (73)% Effective Tax Rate 16% 22% Net Income $3,838 $9,509 (60)% Return on Assets 0.36% 0.98% Return on Tangible Common Equity (3) 4.5% 11.9% EPS $1.56 $3.82 (59)% Average Diluted Shares 2,103 2,316 (9)%

Note: Totals may not sum due to rounding. NM: Not meaningful. ACL: Allowance for Credit Losses. (1) Includes credit reserve build for loans and provision for credit losses on unfunded lending commitments. 4 (2) Includes provisions for credit losses on benefits and claims, HTM debt securities and other assets. (3) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. For a reconciliation to reported results, please refer to Slide 14. …And Well Prepared Today as Crisis Continues to Unfold

• As of 2Q’20, CET1 Capital Ratio of 11.6%(1), ~$19 billion of capital above regulatory requirement Capital • Temporarily halted share repurchases to provide additional capital to support clients

• Liquidity Coverage Ratio of 117%, with ~$900 billion of available liquidity(2) Liquidity • Issued $18 billion of benchmark debt YTD • Raised over $200 billion of deposits YoY in constant dollars – up 20%

• $28.5 billion of Allowance for Credit Losses or ~3.9% of total loans Credit as of 2Q’20, including $2.3 billion qualitative adjustment for additional Reserves economic uncertainty

• Delivering for employees, clients and communities Operational • Maintaining critical investment spend and absorbing incremental COVID- Resiliency 19 related costs, while holding total expenses roughly flat and remaining profitable

Prepared for a range of scenarios while supporting our employees, clients and communities

Note: As of June 30, 2020. Constant dollar excludes the impact of foreign exchange translation into U.S. dollars for reporting purposes and is a non -GAAP financial measure. For a reconciliation of constant dollars to reported results, please refer to Slide 14. (1) For additional information, please refer to Slide 13. 5 (2) $900 billion of available liquidity resources including HQLA, additional unencumbered securities and available borrowing capacity at the FHLBs and Federal Reserve Discount Window. Refining our Strategy as we Manage Through the Crisis

Diversifying • Drive more recurring network revenues Revenues • Focus on shift towards fee-based revenues

Continuing to support clients • Capturing linkages within and across GCB and ICG Capturing including new markets (e.g. Wealth Management, while building a Adjacencies Commercial, etc.) stronger foundation for future growth • Continuing to invest in technology - including Optimizing infrastructure and controls - to improve operational Resources efficiency, funded through productivity saves • Reducing organizational complexity

Incremental strategic actions based on what we are learning today

6 Investing at Scale

Targeted investments to higher-growth Annual ~$9B in tech spend to enhance client and higher-return areas experience, productivity & control environment

Expanding Toolkit with Partners Mexico ~15% Market ~25% Eliminating New Sensitive Client Markets & Pain Points Asia ~15% Expanding the Verticals Network New Client Product Experience Lines Streamlining Data Processes Infrastructure North Risk & ~70% Accrual ~75% Scalability America Security

Connectivity Achieving Operational Scale Risk Benefits Controls GCB ICG Capturing Investments (1) Investments(1) Adjacencies

Investing for the future, leveraging global, scalable platform funded through productivity saves

7 Note: (1) Based on investments made since Investor Day 2017. Risk & Control Environment is a Strategic Priority

Organizational Changes Investments in Infrastructure and Controls

• New governance design with centralized • Unified data architecture program management and regulatory affairs throughout organization under newly created Chief Administrative • Using quality data to build Officer position innovative solutions / Infrastructure products for clients and • Instilling a culture of risk management across employees all businesses, regions and functions • Upgrading operations platform with focus on straight-through-processing $1B+ in • Proactive approach to control environment Additional with a focus on coordination to ensure tight Investments linkages across all areas of the company in 2020 • Expansion of compliance guidelines and governance • Remediation programs tagged to key issues and deliverables to strengthen our controls, • Enhanced risk management Controls capabilities and transparency infrastructure and governance to drive decision making

• Horizontal alignment of organization and process

Strengthening controls, infrastructure and governance to better serve clients

8 Productivity Funding Investments

• Continued expansion of mobile and cloud architecture across the Technology franchise Architecture • Elimination of costly legacy infrastructure

• Lowering the client cost-to-serve through self-service capabilities Digitally-led Client • Increase our electronic payment and statement penetration Engagement • Reduce agent contact rates through IVR containment

• Straight-through-processing automation and streamlining to eliminate Infrastructure & manual touchpoints Process • Process-led review of all organizations to improve horizontal Reengineering connectivity and leverage synergies

• Continued focus and rationalization of organizational structure across Resource the franchise Optimization • Further consolidation of global real estate footprint • Move people away from high cost locations to low cost locations

Productivity savings continue to more than fund investment spend

9 Key Takeaways

• Entered the year on a path of improved returns • While COVID-19 altered the landscape and our results dramatically, Citi generated YTD strong PPNR and maintained robust capital and liquidity metrics Results • Supported employees, clients and communities through this crisis while maintaining profitability

• Diversify revenue streams towards fee-based revenues Execution • Capture adjacencies within and across ICG and GCB Priorities • Invest in technology to improve operational efficiency and enhance offerings • Deliver on infrastructure and control transformation

• Prepared for further downside as crisis continues to unfold Looking • Longer term focus on leveraging unique strengths including existing global Ahead network, strong client franchises, unique partnerships and ability to invest in and deliver capabilities at scale

Managing well through today’s crisis and positioned to deliver improved returns longer term as we execute against our strategy

10 Note: PPNR: Pre-Provision Net Revenue. Certain statements in this document are “forward-looking statements” within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others, macroeconomic and other challenges and uncertainties related to the COVID-19 pandemic, such as the duration and severity of the impact on public health, the U.S. and global economies, financial markets and consumer and corporate customers and clients, including economic activity and employment, as well as the various actions taken in response by governments, central banks and others, including Citi, and the precautionary statements included in this document. These factors also consist of those contained in Citigroup’s filings with the SEC, including without limitation the “Risk Factors” section of Citigroup’s Second Quarter 2020 Form 10-Q and Citigroup’s 2019 Form 10- K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

11

Common Equity Tier 1 Capital Ratio and Components ($MM) Common Equity Tier 1 Capital Ratio and Components(1)

2Q'20 4Q'19

Citigroup Common Stockholders' Equity(2) $173,793 $175,414 Add: Qualifying noncontrolling interests 145 154 Regulatory Capital Adjustments and Deductions: Add: CECL transition and 25% provision deferral(3) 5,606 - Less: Accumulated net unrealized gains (losses) on cash flow hedges, net of tax(4) 2,094 123 Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(5) 393 (679) Intangible Assets: Goodwill, net of related deferred tax liabilities (DTLs)(6) 20,275 21,066 Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs 3,866 4,087 Defined benefit pension plan net assets 960 803 Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards 12,313 12,370

Common Equity Tier 1 Capital (CET1) $139,643 $137,798

Risk-Weighted Assets (RWA)(3)(7) $1,205,123 $1,166,523

Common Equity Tier 1 Capital Ratio (CET1 / RWA) 11.6% 11.8%

Note: (1) Citi’s reportable CET1 Capital ratios were derived under the U.S. Basel III Advanced Approaches framework as of June 30, 2020, and the U.S. Basel III Standardized Approach framework as of December 31, 2019. This reflects the lower of the CET1 Capital ratios under both the Standardized Approach and the Advanced Approaches under the Collins Amendment. (2) Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements. (3) Citi has elected to apply the modified transition provision related to the impact of the CECL accounting standard on regulatory capital, as provided by the US banking agencies’ March 2020 interim final rule. For additional information, please refer to the “Capital Resources” section of Citigroup’s First Quarter 2020 Form 10-Q. (4) Common Equity Tier 1 Capital is adjusted for accumulated net unrealized gains (losses) on cash flow hedges included in accumulated other comprehensive income that relate to the hedging of items not recognized at fair value on the balance sheet. (5) The cumulative impact of changes in Citigroup’s own creditworthiness in valuing liabilities for which the fair value option has been elected, and own-credit valuation adjustments on derivatives, are excluded from Common Equity Tier 1 Capital, in accordance with the U.S. Basel III rules. (6) Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions. 13 (7) RWA excludes assets acquired pursuant to a non-recourse loan provided under the Money Market Mutual Fund Liquidity Facility. Additionally, loans originated under the Paycheck Protection Program receive a 0% risk weight. TCE Reconciliation; Adjusted Results Reconciliation ($MM) Tangible Common Equity 2Q'20 1Q'20 4Q'19 3Q'19 2Q'19

Common Stockholders' Equity $173,642 $174,351 $175,262 $176,893 $179,379 Less: Goodwill 21,399 21,264 22,126 21,822 22,065 Intangible Assets (other than Mortgage Servicing Rights) 4,106 4,193 4,327 4,372 4,518 Tangible Common Equity (TCE) $148,137 $148,894 $148,809 $150,699 $152,796

Return on Tangible Common Equity 1H'20 1H'19 Reported Net Income $3,838 $9,509 Less: Preferred Dividends 544 558 Net Income to Common Shareholders $3,294 $8,951 Average TCE $148,613 $151,821 RoTCE(1) 4.5% 11.9%

EOP Deposits 2Q'20 2Q'19

Reported EOP Deposits $1,234 $1,046 Impact of FX Translation - (16) EOP Deposits in Constant Dollars $1,234 $1,030

14 Note: Totals may not sum due to rounding. (1) RoTCE represents annualized net income available to common shareholders as a percentage of average TCE.